Mortgages for Extended Family or Multi-Generational Families is here to stay.

Home affordability has worsened across Ontario unfortunately and part of the solution is seeing many people share the cost of a home purchase with family. A multigenerational or extended family mortgage can help overcome the hurdles to affordability for both younger and older generations looking to attain a home mortgage in Ontario.

What are the advantages?

Sharing a mortgage between two or more family generations may bring home affordability within reach but may also come with other perks as well:

• Pooling Resources for a bigger down payment to get a traditional conventional mortgage.
• Share Costs, including mortgage closing costs, monthly payments, utilities and home maintenance expenses.
• Benefit from living arrangements, such as childcare for younger parents, homecare for older parents, and other shared duties to further reduce costs and enhance your quality of life.
• Afford a bigger home or property size, or a more desirable neighbourhood.
• Pool funds for home upgrades or better amenities.
• Access a government tax credit for 'multigenerational' upgrades to save a little more (available starting Jan 1, 2023).